Overview
Income Analysis uses advanced Optical Character Recognition (OCR) technology to automatically extract and calculate your borrower’s income from submitted documents. It then evaluates that income against the guidelines for FHA, VA, Fannie Mae® and Freddie Mac® loan products.
You can submit a wide range of document types, including both handwritten and typed forms. Income Analysis will then deliver an accurate, guideline-aligned financial assessment to support your underwriting process.
Acceptable forms and documents
Short Name | Full Form Name | Description |
|---|---|---|
1099 | Various | Form to report various types of income like freelance earnings or interest payments. Documents are listed in Document Storage tab and Task List for review. |
CIVILIAN LES | Civilian Leave and Earnings Statement | Leave and Earnings Statement for civilian government employees. |
DISABILITY INCOME | Disability Award Letter | Official document that confirms an individual’s disability benefits. |
IRS 1040 | IRS Form 1040 - U.S. Individual Income Tax Return | Standard form for individual income tax returns in the U.S., with all relevant schedules and forms (e.g., Schedule 1, Schedule E, Schedule F, etc.). |
IRS 1040 SCHC | IRS Form 1040 Schedule C - Profit or Loss from Business | Profit or loss statement for self-employed individuals or sole proprietors. |
IRS 1040-SR | 1040-SR - U.S. Tax Return for Seniors | Simplified tax return form for seniors aged 65 and older. |
IRS 1065 | IRS Form 1065 - U.S. Return of Partnership Income | U.S. tax return for partnerships to report income, deductions, and credits. |
IRS 1065 SCHM-3 | IRS Form 1065 - U.S. Return of Partnership Income Schedule M-3 | Form to reconcile financial statement income with taxable income for partnerships. |
IRS 1120 SCHG | IRS Form 1120 Schedule G - Information on Certain Persons Owning the Corporation's Voting Stock | Form used by corporations to report information about certain shareholders and related party transactions to the IRS. |
IRS 1120 SCHM-3 | IRS Form 1120 - U.S. Corporation Income Tax Return Schedule M-3 | Form used to reconcile financial statement income with taxable income for corporations. |
IRS 1120S SCHM-3 | IRS Form 1120S - U.S. Income Tax Return for an S Corporation Schedule M-3 | Form used to reconcile net income differences for S corporations filing tax returns. |
IRS 1125-E | IRS Form 1125-E - Compensation of Officers | Form for reporting officer compensation in certain corporations. |
IRS 2555 | IRS Form 2555 Foreign Earned Income | Form enabling U.S. citizens while living or working abroad to claim foreign-earned income exclusion. |
IRS 4562 | IRS Form 4562 Depreciation and Amortization | Form to claim depreciation and amortization deductions for assets. |
IRS 4797 | IRS Form 4797 Sales of Business Property | Form to report the sale or exchange of business property, including gains or losses. |
IRS 4868 | IRS Form 4868 Extension | Application form for an automatic income tax filing extension. |
IRS 6252 | IRS Form 6252 Installment Sale Income | Form to record income from installment sales. |
IRS 8825 | IRS 8825 - Rental Real Estate Income and Expenses of a Partnership or an S Corporation | Form used by partnerships and S corporations to report rental real estate income and expenses from properties owned by the entity. |
MILITARY LES | Leave and Earnings Statement | Leave and Earnings Statement for active-duty military personnel. |
PAYSTUB | Support both year-to-date (YTD) and prior year end paystubs for variable pay. | Document provided by an employer that shows employee earnings, taxes withheld, and other pay period deductions. |
Profit & Loss | Profit & Loss Statement | Updated Financial Statements for businesses provided between Tax Reporting periods. Only Gross and Net Income are provided. |
SOCIAL SECURITY INCOME | SSA-1099 or Award Letter | Document that reflects total Social Security income benefits received in a year—typically for retirees. |
VETERANS DISABILITY | Veterans Affairs Award Letter | Document showing compensation provided to veterans with service-related disabilities. |
VOE/I | Verification of Employment/Income Forms | Verification of employment and income form for borrowers or applicants. |
W-2 | IRS Form W-2 - Wage and Tax Statement | Official tax form issued by an employer that reports employee wages, taxes withheld, and other payroll data. |
W-2 C | IRS Form W-2 - Wage and Statement Corrected | Corrected version of the W-2 form for errors found after issuance. |
Outcome
You can identify acceptable documentation types to submit in Income Analysis.